Bullet Report: EURUSD Testing 1.05. Dollar keeps rising

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The Dollar is strong again, as comments from a FED member supported the view that a March hike is possible. The comments came after Fed Chair Janet Yellen said last week that a rate increase would be appropriate at one of the Fed’s forthcoming meetings. There is now a 27% chance that the FED will raise rates 3 times this year.

Crude oil has marched higher to 54.68 yesterday on the back of booming stock market prices as well as comments from OPEC member. Oil prices now are vulnerable to further rise as the medium term range has broken.

The Dollar is strong again, as comments from a FED member supported the view that a March hike is possible. The comments came after Fed Chair Janet Yellen said last week that a rate increase would be appropriate at one of the Fed’s forthcoming meetings.The Australian dollar slipped 0.3 percent to $0.7666, moving away from last week’s three-month high of $0.7732 but underpinned by firm commodity prices.

EURUSD is under pressure and has just posted 6 week lows at 1.0503. The outlook remains negative and support levels are 1.0490 and 1.0450. Stronger than expected euro area data was ignored and the market may be paying increased attention to opinion polls showing that France’s FN leader Le Pen’s popularity is continuing to rise. On the contrary, GBPUSD got a lift from the euro’s problems and marched higher reaching 1.25 from 1.24 earlier in the day.

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